Oslo, Norway, 2 September 2020: Cloudberry Clean Energy AS ("Cloudberry" or "the
company") is a Nordic renewable energy company. Cloudberry has a growth and
value creation strategy focused on owning, developing and operating renewable
energy in Norway and Sweden. Cloudberry's current portfolio of organic
development projects and inorganic opportunities consist of hydro and wind power
assets representing a significant growth potential.

Cloudberry has today signed a Share Purchase Agreement (SPA) to purchase 100% of
Åmotsfoss Kraft AS, a hydropower plant currently being constructed in Nissedal
municipality in Norway. It is expected an annual production of 22.5 GWh.
Financial closing is scheduled for end-August 2021.

The hydropower plant is located in Nidelva, the main river in
Arendalsvassdraget. The Arendalsvassdraget is one of the best regulated
watercourses in Norway and has a total water storage capacity of around 2.1
billion cubic meters. The power plant has a favourable geographical location in
relation to interconnectors to Europe and UK.

"Åmotsfoss power plant represents an important contribution to our hydropower
portfolio. The power plant is producing from a reservoir with storage capacity,
with year-around water flow reducing the overall volatility in Cloudberry's
annual production" says CEO, Anders Lenborg. 

For further information, visit our company and IR website www.cloudberry.no or
contact:

Jon Gunnar Solli, COO, +47 970 38 507, jgs@cloudberry.no
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no
Suna Alkan, CSO, +47 913 02 907, sa@cloudberry.no

About Cloudberry Clean Energy:

Cloudberry Clean Energy AS is a Nordic renewable energy company. We own, develop
and operate hydro power plants and wind farms in Norway and Sweden. Our purpose
is to provide clean renewable energy for future generations, developing a
sustainable society for the long term and creating value for our stakeholders.
We believe in a fundamental long-term demand for renewable energy in the Nordics
and Europe. Our purpose shapes every aspect of how Cloudberry operates. 

Cloudberry has a strong commitment to local communities. Our integrated value
chain approach ensures local presence and optimisation of stakeholder alignment
and value creation. Our long-term growth strategy rests upon our ability to
create value for stakeholders, and our ability to use the best possible
technology available, bring down costs, improve sustainability and make an
important contribution to the necessary European energy transition. We will
realise growth through organic greenfield development and by taking part in
structural development of the Nordic renewable energy industry. 

We are a public Merkur Market company supported by strong owners and led by an
experienced management team and board. Our offices are in Oslo, Norway (main
office) and Karlstad, Sweden. To learn more about Cloudberry, go to
www.cloudberry.no.

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© Oslo Bors ASA, source Oslo Stock Exchange